Crude oil production in the U.S. is anticipated to drop by 570,000 barrels on a daily basis. The American Energy Information Administration (EIA) issued its "Short-Term Energy Outlook" report and according to its projections, the U.S.'s crude oil production will decrease by 570,000 barrels to 8.76 million barrels per day. In November, the daily average production decreased by 60,000 per day compared to October. The report also noted that the average daily production of crude oil in the country will be 9.33 million barrels in 2015.

The report, which focuses on global oil demand, supply and stock expectations, underlined that the daily average of global fuel oil stocks was 2 million barrels in the second quarter of this year and dropped to 1.8 million barrels in the third quarter. The daily average oil stocks in the fourth quarter is expected to decrease to 1.4 million barrels a day and experts predict that this figure could plummet to 0.4 million barrels next year according to the report.

The EIA's estimated global oil increase hovers around 1.4 million barrels per day in 2015 on average is expected to continue in 2016. Revising its oil price expectations, the EIA projected Brent-type crude oil price to be $53 per barrel in 2015 and $56 in 2016 with Western crude oil expected to be around $49 per barrel in 2015 and $51 in 2016.